TCNS Clothing, an ethnic-wear brand, has reported a net loss of INR 63.60 crore for the quarter ended March 31, 2024, according to its BSE filing. This marks a significant increase from the INR 28.12 crore loss reported in the same quarter last year.
Last year, Aditya Birla Fashion and Retail acquired a 51 percent stake in the company.
Continue Exploring: ABFRL boosts women’s apparel portfolio with 51% stake acquisition in TCNS Clothing
TCNS saw its revenue from operations decline to INR 211.32 crore in the March quarter, down from INR 268.55 crore in the same period last year.
On a full-year basis, the ethnic apparel major’s sales dropped to INR 959.55 crore in FY24, compared to INR 1,201.58 crore in FY23.
Continue Exploring: Tata Group eyes expansion with potential stake purchase in Fabindia’s apparel business